BULLIONS
Bullions counter may trade with firm bias as yellow metal appeared set for a second consecutive weekly gain on Friday, after recent U.S. inflation data fuelled expectations that the Federal Reserve could cut interest rates this year. Overall gold can move in range of 72600-73200 while silver also can move in range of 86400-87600. Data this week showing signs of cooling inflation offered the U.S. Federal Reserve good news, but policymakers haven’t openly shifted views yet about the timing of rate cuts investors are convinced will start this year. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold. The dollar index opens new tab was down 0.6% for the week so far, against its rivals, making gold less expensive for other currency holders.
BASE METALS
In base metal counter, Copper prices can trade on firm path as it can move range of 892-910. A massive dislocation between the prices for copper traded in New York and other commodity exchanges has rocked the global market for the metal and prompted a frantic dash for supplies to ship to the US. The source of the disruption is a short squeeze that has driven up prices on the Comex exchange in recent days. The premium fetched by New York copper futures above the London Metal Exchange price has rocketed to an unprecedented level of over $1,200 per ton, compared with a typical differential of just a few dollars. Aluminium may move sideways in range of 236-242. China’s primary aluminium production climbed 7.2% to 3.58 million metric tons in April from a year earlier, data from the National Bureau of Statistics showed on Friday. For the first four months of the year, China produced 14.24 million metric tons of aluminium, up 7.1% from a year earlier, the data showed.
ENERGY
Crude oil may trade in mixed path as it may move in range of 6570-6660. Oil prices gained on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand amid stronger economic indicators from key consumers China and the United States. Markets were also bolstered by China’s industrial output growth at 6.7% year-on-year in April as recovery in its manufacturing sector gathered pace, pointing to possibly stronger demand to come. Declines in oil and refined products inventories at major global trading hubs have also created optimism over oil demand growth, reversing a trend of rising stockpiles that had weighed heavily on crude oil prices in prior weeks. Recent economic indicators from the United States have fed into the optimism over global demand. U.S. consumer prices rose less than expected in April, data showed on Wednesday, boosting expectations of lower interest rates in the country. Natural gas prices trade on firm path as it may move in range of 205-216

Disclosure

Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, USE and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.

Globe Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. Rolex Finvest Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited and Lakshya Impex Private Limited are associates of GCML. Globe Comex International DMCC is step down subsidiary of GCML.

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